An equity analyst at an investment dealer is preparing a research note on Omnicom, a large advertising conglomerate, that will go out to the firm's institutional and retail clients. Overall, she is optimistic about the company's business prospects but is concerned about one issue. Omnicom has issued a series of contingent convertible note that could be exchanged for common stock once share prices reach pre-determined levels. The company was not required to include the convertible notes in its diluted earnings per share calculations. The analyst didn't want any surprises for her clients and must decide whether or not to include the convertible bonds in her earnings per share calculation.